Top Posts
Report shows Nigeria lost N700bn agricultural investment in...
NEMA partners NSCDC to address election, flood emergencies
UAE oil company employees given roles in office...
Don says fossil fuel responsible for environmental pollution...
Minnesota Senate passes 100% carbon-free by 2040 electricity...
Wildfires consume over 750 hectares of land in...
Renewable Energy: Colombia to get $70m from Climate...
Saudi Arabia signs MoU with France on Energy...
Report shows Green projects are boosting UK economic...
Russia: EU’s embargo on oil products to destabilise...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

US unveils carbon market scheme

by admineconai November 11, 2022
written by admineconai November 11, 2022

The US government has unveiled a new voluntary carbon trading market scheme that is intended to boost private investment in clean energy projects in developing countries.

The US’s climate envoy, John Kerry said that the new initiative which is referred to as the energy transition accelerator would be created in partnership with the Rockefeller Foundation and the Bezos Earth Fund to help deliver the trillions of dollars of investment needed to help poorer countries transition to renewables and stave off disastrous climate impacts.

Kerry said that Nigeria and Chile were already interested in the plan which could be operational from next year and would involve the buying and selling of credits that represent carbon pollution. The market is designed to bolster investment in renewables and help slash emissions. It will not be open to fossil fuel companies.

Read also: Climate Change: Nigeria ready to spend as much as 9 per cent of GDP— Minister

The International Energy Agency said that the annual investment in clean energy needs to triple to more than $4tn (£3.5tn) by 2030 to avoid dangerous global heating. However, Kerry said that leaders of developing countries struggle to raise enough money, requiring new ways to grow private investment.

“We have to win the battle against the climate crisis, not give in to the business as usual,” Kerry said. “I’ve been doing this [talking about climate change] since 1988 and I don’t know about you but I’m tired of talking about the same stuff – we have to break the mould. If we don’t come up with creative ways to mobilise money, we are going to blow through 1.5C [of global heating].”

Kerry further acknowledged that “mistakes of the past” had damaged the reputation of carbon markets, but vowed that strong safeguards would ensure only “high-quality” credits would be used. Some environmental groups were not convinced, however.

On her part, the policy director at the Union of Concerned Scientists, Rachel Cleetus said that the private sector can and must play an important role in tackling the climate crisis.

“However, a voluntary carbon credit program won’t guarantee deep, real cuts in emissions; it’s tantamount to rearranging the deck chairs as the climate ship is going down.”

Story was adapted from the Guardian.

Carbon marketSchemeUS
0 comment
0
FacebookTwitterPinterestEmail
admineconai

previous post
Climate Change: Nigeria ready to spend as much as 9 per cent of GDP— Minister
next post
Analysis: Carbon emissions from fossil fuels on course for record highs in 2022

Related Posts

UAE oil company employees given roles in office...

February 4, 2023

Minnesota Senate passes 100% carbon-free by 2040 electricity...

February 4, 2023

Renewable Energy: Colombia to get $70m from Climate...

February 3, 2023

Saudi Arabia signs MoU with France on Energy...

February 3, 2023

Report shows Green projects are boosting UK economic...

February 3, 2023

Russia: EU’s embargo on oil products to destabilise...

February 3, 2023

Nigerdock reduces CO2 emissions, switches to renewable energy

February 3, 2023

Environmental groups to sue Shell cracker plant in...

February 3, 2023

Study shows air pollution makes chess player error-prone

February 3, 2023

U.S. Energy Department Wades Into the Gas Stove...

February 3, 2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Social Connect

Facebook Twitter Instagram Pinterest Youtube Snapchat Vimeo

Recent Posts

  • Report shows Nigeria lost N700bn agricultural investment in 2022 to flooding

    February 4, 2023
  • NEMA partners NSCDC to address election, flood emergencies

    February 4, 2023
  • Don says fossil fuel responsible for environmental pollution in Nigeria

    February 4, 2023
  • Nigerian University collaborates with biogas companies to provide clean energy solutions

    February 3, 2023
  • NGO urges stakeholders to support communities affected by climate change

    February 3, 2023

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World